Keyrenter Property Management, a residential real estate franchisor, has announced a significant expansion milestone: the award of 14 new franchise territories, bringing its total to over 100 locations since franchising began in 2014. The new territories span nine states, including Colorado, California, Texas, Florida, Virginia, Illinois, North Carolina, Michigan, and New Mexico. This surge in growth has also prompted the appointment of Eric Steward, a franchise industry veteran, as Vice-President of Onboarding.
The company's CEO, Nate Tew, emphasized the importance of this achievement, stating, "Not only does this greatly expand our brand’s footprint, but we’ve also surpassed a significant milestone of establishing more than 100 franchise locations coast-to-coast." Tew also welcomed Steward, who will oversee the onboarding process for new franchisees, a critical role as the network expands.
Steward brings over a dozen years of experience in franchise recruiting, having worked at Pillar to Post, where he rose from marketing coordinator to senior director of franchise recruiting. His expertise in the residential real estate sector aligns with Keyrenter's focus, and he expressed enthusiasm for his new role, noting the recent awarding of over a dozen new locations.
This expansion comes amid favorable market conditions for residential property management. With approximately 25 million single-family rental units in the U.S., of which only 4% are institutionally owned, there is significant opportunity for independent franchisees. The market is further bolstered by high mortgage rates and a tight lending environment, which are driving more individuals to rent rather than buy.
Keyrenter, founded in 2007 and franchising since 2014, offers a business model focused on recurring monthly revenue from services like rent collection, maintenance, and tenant placement. The brand's growth to 94 franchisees and 101 territories underscores its appeal to entrepreneurs seeking a recession-resistant business.
The recent signings and the addition of Steward signal Keyrenter's commitment to supporting its growing franchisee network. As the company continues to expand, it aims to capitalize on the robust demand for rental properties, positioning itself as a leader in the residential property management franchise sector.
